Howden, Everbridge team up on parametric cat offering
Software company Everbridge is teaming up with broker Howden to combine public safety technology with parametric insurance to help governments, non-governmental organisations (NGOs) and charities address climate risk and resilience.
Everbridge’s critical event management technology will underpin a workflow including data collection, communications and coordination of emergency responses.
This will enable governments, NGOs and charities to deploy insurance capital or assets purchased quickly and effectively to support the response to a catastrophe.
Howden and Evergreen said their partnership would help response and recovery organisations manage the entire lifecycle of a catastrophe, equipped with cover at all stages of the event.
Charlie Langdale, head of climate risk and resilience at Howden, explained: “When a major natural disaster occurs, emergency response teams need access to funds quickly and reliably.
“Because payment is based on pre-determined triggers, validated by third-party data, parametric policies can pay out almost immediately upon the agreed parameters being hit.”
Dominic Jones, senior vice-president of partnerships and alliances at Everbridge, added: “Together, Everbridge and Howden are providing differentiated solutions for mitigating climate risk and maximizing resilience by using technology and insurance-based capital solutions to help shorten the period of time between a major event occurring and people receiving the funds.”